The Ultimate Guide to Podcasting is a post from: EntrepreneurOnFire.com
Congratulations on finding your way to The Ultimate Podcast Guide! Rest assured that everything within this guide is fully up to date (last updated January 1st, 2015). This is THE go to resource for all things Podcasting…enjoy!
So who am I? My name is John Lee Dumas, the founder and host of EntrepreneurOnFire, where I interview today’s most inspiring and successful Entrepreneurs 7-days a week. EntrepreneurOnFire was awarded Best of iTunes 2013, has generated over 9.3 Million downloads of the over 700 interviews completed to date.
Podcasting is an incredibly exciting medium to grow your business and has allowed me to generate over $200,000 a month with multiple streams of income.
Before we dive into The Ultimate Podcast Guide, one last thing. Every week, Kate and I host a free LIVE Podcast Workshop that is attended by hundreds. During this Workshop, we share exciting information about Podcasting, reveal two SUPER hacks every fellow and future Podcaster needs to know, have giveaways, raffle off prizes, and fun!
To claim your spot on the next Podcast Workshop ===> Click here!
The Ultimate Podcast Guide
What is a Podcast?
A Podcast is an audio file that can be streamed or downloaded from the Internet. The three major Podcasting directories are iTunes, Soundcloud, and Stitcher Radio.
A brief history of Podcasting
As early as 2004, the first signs of Podcasting began to appear. The word Podcast was first used in an article in The Guardian on February 12, 2004. This term was not love at first sight for the online community, but like so many things in life…the word Podcast just stuck.
Very quickly, buzz began to build around Podcasting as Entrepreneurs immediately saw the potential of this form of communication. However, the tech barrier to actually listen to Podcasts was a little high, and it soon became obvious the mainstream population would not be flocking to this new form of media anytime soon.
Enter: The SmartPhone
The smartphone changed everything in the Podcasting world. With the introduction of the iPhone in 2007 and the Android in 2008, things began to happen rapidly in the world of Podcasting. The tipping point happened in 2010 when over half of Americans owned smartphones.
For the first time ever, the majority of the population now had access to a virtual computer in their pocket 24-hours a day, 7-days a week. With 3g becoming 4g and wi-fi cropping up everywhere, streaming Podcasts became incredibly easy.
At this time, Apple began investing heavily into their storefront iTunes and Podcasting took its rightful place on the navigation bar. Apple further upped the game by making their Podcast App a recommended download on their iPhones in 2012, and native (pre-installed and unremovable) in the fall of 2014.
EntrepreneurOnFire saw a huge jump in downloads when iTunes made the Podcast App recommended, I can only imagine what will happen when it goes native!
In early 2014, Apple announced the release of Apple Car Play, Google introduced Android Auto, and Stitcher radio introduced Stitcher Dash, meaning every car rolling off the lot in 2015 and beyond will have one or all three of these Podcasting directories at the drivers fingertips, streaming through every car speaker at the touch of a button.
That last tech barrier to listening to Podcasts? GONE. Hello world, Podcasting is taking over!
From Tim Ferriss, to Suze Orman, to Adam Carolla…from CNBC, to NPR, to TED, the world is sitting up and taking notice of the power of Podcasting, and the way content is delivered and consumed will never be the same.
Let’s use EntrepreneurOnFire as an example. I produce every episode from my livingroom with a mic, a computer, and a connection to the internet. To date, EntrepreneurOnFire has been live for 23 months and has generated over 9.3 million downloads in over 145 countries. Below is a glimpse of the EntrepreneurOnFire studio…pretty basic setup for a Podcast that is consumed all over the world.
How to Create a Podcast
So now that I have set the stage for Podcasting, you are probably chomping at the bit to get yours up and running..right?!
Let me stress the importance of building a community of support around you as you begin this journey, and that support starts at our free weekly Podcast Workshops, so click here to join us on the next one!
Topic: What to Podcast about
This is by far the one thing that holds people back the most…
What am I going to Podcast about?
Step number 1 is to get your mindset right. Podcasting (like every worthwhile Entrepreneurial venture) is a marathon, not a sprint.
When you do settle on a topic, make sure it is a something that sparks a FIRE inside your belly. Not just something that excites you NOW, but something you can see exciting you in 6 months, 18, heck…3 years from now!
Podcasting is an incredibly valuable use of your time if you are approaching it with the mentality of building a tribe of passionate followers around a topic YOU are passionate about. If you maintain this focus, the question becomes not IF you will succeed, but when.
If your mantra becomes ‘Perseverance above all’, NOTHING will stop you from achieving your goals and aspirations with your Podcast. Seth Godin talks about tribes often, and if you can inspire 1,000 people to join your tribe…the world is yours!
Video Tutorial #1:
Your Topic
Avatar
This is BY FAR the biggest mistake 99% of Podcasters (including myself) make at the onset of creating their Podcast. Your Avatar is your ONE perfect listener. Your Avatar is that 1 person that will listen to your Podcast and ask him or herself…was this Podcast created specifically for me?
Every Entrepreneur is terrified of creating just one perfect listener. Right now you are reading this saying ‘But I want my Podcast to be for more than just one person, I want the world to love me.‘
BIG mistake. Massive. One that I made, and one I am hoping to guide you in avoiding.
If you try to create a Podcast that resonates EVERYone, you will resonate with NOone. This is back to the concept of building your 1,000 person tribe. Build a RAVING base of loyal listeners. This will only happen if you know your Avatar inside out, and base every decision from this point forward on what your Avatar would want.
Length? Frequency? Interview? Topic based?
WWMAW! What Would My Avatar Want?
I am so committed to this belief that when I finally understood its importance…I spent $3,000 creating an animated video of my avatar…Jimmy.
Do you have to do this? Absolutely not. A pen, paper, and 2000 words will do.
But if you want to watch my creation for some inspiration, please do!
Watch Jimmy in action!
So now that you see how deep you need to dive fleshing out your avatar, watch the following tutorial as I bring all these points home for you!
Video Tutorial #2:
Your Avatar
Equipment
My complete list of recommended Podcasting equipment can be found here.
First off, I really want to focus on breaking down barriers that so many have when it comes to the thought of Podcasting
Podcasting does NOT need to be done in a studio with glass panels, sound absorption panels, mixers, sliders, buttons and mic’s galore. We are living in an age where all you need is a mic (preferably a dynamic one) and a computer. That is all you need in the way of physical equipment…nothing else.
Here is a picture of Kate’s studio, with her mac Laptop and ATR-2100 mic, my #1 recommended mic for Podcasters that have a budget of less then $295. The ATR-2100 package is $70, and is TRULY all you need mic wise to have amazing audio quality. Want to hear what it sounds like in action? Check out Kate’s Take: The EntrepreneurOnFire Audio Blog. You’ll be impressed…and if you are, let Kate know…she would appreciate it!
Personally, I use the Heil PR-40 for EntrepreneurOnFire and QuotesOnFire. The Heil PR-40 is an amazing mic, but take a listen and I would wager to guess you will have a hard time distinguishing a difference between Kate’s audio quality and mine. With the Heil being $250 more expensive…the ATR-2100 is a pretty solid bet :-).
{The equipment video tutorial is below}
Recording and Editing Software
There are 3 options I recommend for recording and editing your Podcast.
My #1 recommendation is Adobe Audition. Adobe Audition works with both PC and Mac, but is not free. To use Adobe Audition, you must pay $20 a month for the creative cloud membership. Personally, I believe this is one of the best investments you will make in your Podcasting career, as becoming an expert in AA has done wonders for my Podcast. If you are looking to learn the basics of Audition, Lynda.com has incredible tutorials, and within Podcasters’ Paradise I have over 30 video tutorials I created speciafically for Podcasters looking to master the Adobe Audition software.
My #2 recommendation is Audacity. Audacity works with both PC and Mac, and is free! You get what you pay for, so there are a lot less bells and whistles, but Audacity will definitely get the job done for you in the Podcasting recording and editing world, and within Podcasters’ Paradise we have plenty of tutorials that will get you WELL on your way!
My #3 recommendation is GarageBand. GarageBand is Mac only, comes pre-installed, and is free! Again, you get what you pay for, so there are a lot less bells and whistles, but GarageBand will also get the job done for you in the Podcasting recording and editing world, and within Podcasters’ Paradise we have plenty of tutorials for you!
{The recording and editing video tutorial is below}
Interviewing guests using Skype
Every single episode of the 700+ I have recorded for EntrepreneurOnFire has been on a Skype to Skype call. Why do I insist on Skype to Skype? Unlike landlines or mobile phones, Skype uses technology called VOIP: Voice Over Internet Protocol.
There is no need to get technical here (you can google it if you wish to learn more) all that is really important to know is the voip to voip calls sound MUCH MUCH better than any other method currently available of recording audio.
If one of my guests says I don’t have Skype.
My response is…Please create a free Skype account and send me your user name, as Fire Nation deserves the highest audio quality I am able to provide, and Skype will ensure that.
If they decline to do so? Simply put, they are not right for Fire Nation, and I move on to the next potential guest. **Note: I have never had someone unwilling to join Skype…but there’s a first time for everything, and I will update this part with details of that first time when it happens :-)
When I interview guests on Skype, I personally record directly into Adobe Audition. There are two other ways of recording Skype calls that I recommend, which can be used for primary or backup.
Alternative methods for recording audio/video interviews on Skype
ecamm Call Recorder **Mac Only**
ecamm Call Recorder is an incredibly simple and effective way to record all Skype calls, both video and audio only. There are great tutorials on their site and their support is solid!
Pamela **PC Only**
Pamela does the same thing as ecamm, but for PC. Enjoy!
Video Tutorial #3:
Equipment | Record/Edit Software | ecamm/Pamela
The 8-step process of creating a Podcast
It’s our nature to try and overcomplicate things. What I am about to walk you through is the 8-Step process of creating a Podcast. Are you READY?!
1. Press record: A lot harder than it sounds. This is where the imposter syndrome sets in. You’ll hear a voice saying ‘Who am I to share my thoughts with the world?’ ‘Who would want to listen to me?’ ‘Who would want to come on my show?’. As someone who has personally mentored over 40 Podcasters I can share that you cannot avoid these thoughts. They are innate, they are part of being human, and the best step we can take is accept they are there and always will be.
I had to overcome my imposter syndrome, which included delaying my launch for over 5 weeks. How did finally overcome? I took Action Step #1.
ACTION STEP: Press record. Speak. The words will come. Trust me.
2. Edit: This is where you can delete out mistakes, splice in intros, outros, calls to action, etc. Adobe Audition makes this process incredibly intuitive, and in the video tutorial below I show you how!
ACTION STEP: Press record, speak, press stop, edit. It’s fun!
3. Export file as an MP3: Podcast audio files are best when saved in the MP3 format. It’s like saving a .doc in Word. When you are complete with your recording and editing, export the file as an MP3, and the export specs I recommend are as follows: 44100 Hz 16-bit, Mono, 64kbps, CBR (constant bit rate).
Exporting in this format will create audio file sizes approximately 60% of the number of minutes your podcast is. For example, a 30-minute audio only Podcast should be in the neighborhood of 17 MB, +- 2MB. **Note: If you are around 35 MB for 30-minutes of audio only content, you are likely exporting in stereo mode, instead of the preferred method; mono.
4. Tag your MP3: Tagging your MP3 is an important step as it will make the MP3 file you just exported a stand alone file, meaning that if some information is lost in translation in the communication between your media host and any of the Podcast directories your Podcast is associated with, that directory can pull the information straight from the MP3 itself.
Important information to include in your tagging process is: Title – Podcaster Name – Podcast Name – Description – Artwork.
I recommend the tagging software ID3-Editor for this task. You can see an example of how I fill it in below.
5. Upload to your media host: It is highly recommended for all Podcasters to have a Media Host where you store all of your MP3 audio files. Many have tried to use their WordPress platforms, and this is a dangerous game. If your Podcast takes off, your entire site bandwidth will be bogged down. For around $20 a month (depending on your usage) you can upload your media files to Libsyn and receive unlimited bandwidth for a flat monthly rate. It’s an amazing service, and all nine of my Podcasts are happily distributing content to the world from this very platform.
Libsyn.com: Use promo ‘Fire‘ to get the rest of the current month and all of next month for FREE. **Note: If you adjust your plan size at all during the first 2 months you are no longer eligible for the free promotion, so just select the highest plan ($75 a month) and stick with it for the entirety of your free ride :-)
6. Schedule your Podcast’s release date: In May of 2014, Kate and I took a trip to Europe for 14-days. It was an incredible trip where we were 100% unplugged from the business. The #1 questions we received before and after the trip was: ‘How are you going to/how did you keep your Podcast episodes going live every day while you were gone and unplugged?
Simple question, simple answer :-). Libsyn allows you to schedule Podcasts to release on any date and at any time you desire. I always stay 40ish episodes ahead with EntrepreneurOnFire, so it was fairly easy for me to schedule each episode to go live every day at 3:30am Eastern.
7. Publish: Once you have all your settings correct in Libsyn and you have double checked the release date…PUBLISH that episode! Now when you publish in Libsyn, nothing really happens as you have yet to take step-7, which is submitting your rss feed to the directories who will display your Podcast to the world. This is however a necessary step before you go on to step-7, and you have to make sure at least one of your episodes is ‘Live’, meaning the ‘release date’ is not in the future, but rather the present or past.
8. Submit your Podcast to the directories: This step you will only have to do one time, and afterwards, every time you publish an episode in Libsyn, your Podcast will AUTOMATICALLY be sent out to every directory you have submitted your Podcast to and has been accepted.
The only ones that you should focus on in the beginning are iTunes and Stitcher Radio…and really only iTunes as that is where 85+% of your downloads will come from.
Video Tutorial #4:
Record, edit, export, tag, upload, schedule, publish, and submit!
Congratulations!
Now you have successfully created your Podcast and released it to the WORLD! The rest of this guide will be focused on sharing ways you can grow your Podcast audience and monetize.
Grow
So your Podcast is live, now let’s talk about getting you to you those 1,000 raving fans as fast as possible.
During our weekly Podcast Workshop, I share 5 amazing growth strategies not mentioned here, so if you are looking for more strategies…join us on the free webinar!
1. Have a Headquarters: Every Podcaster needs a place to host all the resources, tips, and tactics that your valuable Podcast is sharing. That headquarters is a WORDPRESS WEBSITE and the host that I recommend for you is BlueHost. As a VIP affiliate, you will get the LOWEST cost plan Bluehost offers AND you will receive my 23 wordpress video tutorials as a thank you for using my affiliate link.
These video tutorials will walk you through the process of setting up your WordPress site, and get you on your way to creating an amazing HQ.
To sign up for a BlueHost account through my affiliate link, simply click here, go through the sign up process, and then email me here, and I will send you the link and password to your 23 WordPress video tutorials!
2. Sales/splash/email opt-in pages:
In order to grow your Podcast audience, you need a simple, fast, effective way to create sales/splash/email opt-in pages. The industry leader? Leadpages! Use my affiliate link to sign up, then email me and I will send you the link and password to my Leadpages tutorial. IGNITE!
3. Commingle Audiences: There are going to be other podcasts in your niche. Reach out to the host’s of those Podcasts and suggest an interview swap. I spend 4-hours every week being interviewed on 8 other shows, because I know that being exposed to other audiences, no matter the size, will continue to grow my name and reputation, as it will yours.
Be bold, make the ask, you may be surprised with the responses!
4. Ask for ratings and reviews: At the RIGHT times and in the RIGHT places.
SOOOO many people get this wrong. I hear it all the time on intros, outros, during the episode…heck, I used to do it myself till I wisened up. Podcast hosts LOVE asking for ratings and reviews during their Podcast episodes.
Now think about this for a second…what are most Podcast listeners doing when they are hearing your voice? Driving, walking, folding laundry, walking around the grocery store…you name an active activity, they are probably doing it.
Now, what are most Podcast listeners NOT doing when they are hearing your voice? They are not likely sitting in front of a computer where they can do what needs to be done to make a rating and review happen.
I have over 1400 reviews, and the reason for this is simple. I ask for reviews at the RIGHT time and in the RIGHT place.
Every day my listeners email, tweet, and FB message me thanking me for the show, asking a question, or any number of things. I love taking the time to respond to these inquiries, and I always make sure to end every one with:
An iTunes or Stitcher review would be SO appreciated!
EntrepreneurOnFire.com/itunes/
EntrepreneurOnFire.com/stitcher/
This one response accounts for 90% of my rating and reviews.
So why does this work so well?
A. You are reaching people when they are in a position to quickly click on a link and take immediate action..and people like taking immediate action.
B. You are giving listeners an opportunity to show they are thankful for your Podcast and the time you took to respond. Believe me, they will be grateful to be able to express their thanks with a rating and review. Words mean a lot, actions mean much more, and humans recognize this.
Now that you will have ratings and reviews rolling in, the iTunes algorithm will see you are a relevant and loved show, and your ranking will reflect this. As a result, your organic traffic will increase in direct reflection of your ranking increase!
5. Create Question and Answer shows: Your audience will grow to know, like, and trust you if your show consistently delivers high value. However, everyone likes to be involved, have an impact, hear their name, and best yet…hear their question answered by you on an episode.
Whether you have an interview or topic based Podcast, spice things up every now and then with a bonus episode where you take listener questions and answer them. I used to do this on the weekends back when I interviewed 5 guests a week, and had 2 Q&A shows on the weekends. My listeners loved it!
It doesn’t need to be all the time, but if you let your audience know you care about them and the questions they have enough to create a bonus show around it, they will become more loyal, and share their featured question with their entire network when the episode airs!
6. Interview the movers and shakers in YOUR industry:
Every niche has its rockstars. What is one thing rockstars have in common? A massive audience.
Once you have built a platform, reach out to these rockstars and ask for 25-minutes of their time for an interview on your show. Share with them your current numbers, images of you in New & Noteworthy, and any other social proof you may have.
When you release that episode, reach out to that guest, sharing that their show is live, with the link to the show and a request to share with their audience.
This action is a major reason for EntrepreneurOnFire’s success. 7-days a week an email goes out to today’s guest with the above request, and 7-days a week EntrepreneurOnFire is being shared with a massive audience, some of whom are listening, some of whom subscribe, and some of whom become evangelists…7-days a week!
For the template of the email I send to my guests when their interview goes live ===> Click here
Monetize
EntrepreneurOnFire monetizes to the tune of over $200,000 every month so yes…there is $$ in Podcasting. Let me clarify. There is $$ in growing an audience, and Podcasting is the best way to grow an audience in today’s world. I truly believe that.
I am going to take you through the top 4 ways to monetize a Podcast. If you are interested in learning about all the ways EntrepreneurOnFire monetizes on a monthly basis, you can check out our monthly income reports.
I also talk about monetizing in great detail during our weekly live Podcast Workshops, so if you want to come join us on one, they are free and a blast! Join us! ===> The Podcast Workshop
1. Products and Services: This one will start off being your smallest source of revenue, but as your audience grows…it will quickly turn into your largest. EntrepreneurOnFire’s products; Podcasters’ Paradise and Webinar On Fire make up 70% of our overall income, and that percentage continues to climb as the size of our audience does.
But how do I know what products and services to create? you may be asking.
Simple answer…you don’t.
The process goes a little something like this:
A. Create valuable, free, consistent content.
B. Grow an audience
C. Listen to your audience as they share their pain points, needs, desires, obstacles, and challenges.
D. Track them all in a spreadsheet.
E. When one or two pain points distance themselves from the pack, create a SOLUTION.
F. Offer that solution to your audience.
G. Ask for honest feedback and pivot as necessary.
This is the exact process we used during the creation of Podcasters’ Paradise and Webinar On Fire.
It’s not easy, it takes time, and you will fail along the journey, but when you finally get it right, put the pedal to the metal and IGNITE!
2. 1 on 1 mentoring: Over the last 2 years I have personally mentored over 40 Entrepreneurs who were looking to launch their Podcast. I no longer mentor 1 on 1, but if you would like to see an example of what a mentorship page could look like you can check mine out here.
I do have a shortlist of highly recommended Mentors, so email me if you would like an intro.
So why is mentoring such a great monetization opportunity for Podcasters specifically?
Simply put…as a Podcast host you will be looked at as a figure of authority. You will gain a following of listeners who know, like, and trust you, and whom will see you as a person of credibility in the field of your growing expertise.
They will reach out to you with questions, and you can take those relationships to the level of a professional and become their mentor. It is my earliest monetization method, and could easily become yours too!
3. Create a Mastermind: The first major service Kate and I launched through EntrepreneurOnFire was a membership mastermind we named: Fire Nation Elite!
Fire Nation Elite was created in response to the massive amount of requests we were receiving from Fire Nation who wanted something more…more engagement, more support, more community, more feedback.
Well, Fire Nation Elite was just that and on the day we announced our intentions, hundreds requested to be part of this mastermind, and overall 1000+ applications have been submitted for Fire Nation Elite which we have always kept capped at 100 members.
Was it a success? YES. We celebrated our 1 year anniversary in July of 2014 and Fire Nation Elite was so successful we decided to ramp it up in a MAJOR way with Fire Nation Elite 2.0. Interested to see what the 2.0 means? Check it out!
So why is this exciting for you? This proves beyond a doubt how much demand there is for masterminds that provide incredible value. People want to be part of a tribe, they want to be held accountable, they want to pay for access to a group that others also invested in, ensuring that EVERYONE is in it to win it, and that no time will be wasted…as time is our most valuable resource.
Model what we have done with Fire Nation Elite 2.0. Offer it to your tribe sooner than later…you may be surprised with the result!
4. Sponsorships: EntrepreneurOnFire has generated over $400,000 in sponsorship revenue since April of 2013, the first month we implemented sponsors. Our first month, our total revenue was $12,350 (30 episodes). Since April 2013, our monthly income from sponsorships has risen to over $46,000 each month.
There is real money in sponsorships, and I will take some time to really break down what sponsorships are, how you can implement them into your Podcast, and much much more.
So let’s get real.
Can you start a podcast today and have sponsors lined up at your doorstep tomorrow?
No.
Can you start a podcast today about a niche you are passionate and knowledgeable about (the knowledge can come), work hard for a significant amount of time (6 months… a year?), build a captive and engaged audience, and then have sponsors beating down your door to get in front of your listeners?
Yes.
Let’s take a minute to turn back the clock and go through my first 6 months, which we’ll call the “Pre-Sponsorship Days”.
I launched on September 22nd, 2012 to four straight days of crickets… AKA no downloads. Zero, zip, zilch (unless you count my personal downloads :-). Then, as my guests began sharing their interviews with their massive audiences, the download numbers began to climb.
Next thing I knew, I was ranking high on the “New and Noteworthy” list, which began to drive a ton of organic traffic my way.
My first email every morning was to my featured guest, whose interview went live that day. Here’s what the email said:
“XXX,
Thank you so much for sharing your amazing journey on EntrepreneurOnFire. I would be honored if you would share with your audience. Here are the links if you decide to do so. <insert links here>
Thank you again for igniting the world!” (The template I use today is downloadable at the end of this post.)
Is this email corny? Maybe.
Is it effective? Heck Yeah! :-)
Soon, the combination of EntrepreneurOnFire being shared with massive audiences daily, and the organic traffic coming my way as a result of ranking high in New and Noteworthy, got the EntrepreneurOnFire “snowball effect” rolling.
Our guests sharing EntrepreneurOnFire with their audiences resulted in more downloads; more downloads resulted in higher rankings in New and Noteworthy; higher rankings in New and Noteworthy resulted in more organic downloads; and more coal was being added to the fire daily!
Within 2 1/2 months of launch, EntrepreneurOnFire was generating over 100,000 unique downloads a month.
This success landed me a speaking engagement at NMX Blogworld in Vegas, January 2013. This was the same conference I had attended just six months prior, like a baby fawn with eyes wide open to the crazy world of online Entrepreneurs that just days before I knew nothing about.
The conference was powerful, and the credibility from speaking at NMX in Vegas landed EntrepreneurOnFire interviews with Tim Ferriss and Barbara Corcoran in rapid succession.
Then things really started to take off.
In February 2013 I published Podcast Launch: A step by step guide to launching your Podcast. Podcast Launch immediately became the #1 ranked book in Amazon on Podcasting (and remains so), with over 275 5-star reviews. Podcast Launch established EntrepreneurOnFire and myself as an authority figure of sorts on Podcasting, and because of that, other opportunities began to appear.
In mid-March, I was approached by 3 sponsors. I kindly replied by asking for a week to consider the opportunity, and then I immediately got on the phone with a friend and fellow Podcaster who had been in this game for a while to ask for some unbiased advice.
During our conversation, I found out what sponsors have come to expect from sponsorships and podcast hosts. Here what I learned on that call, and in the 18+ months that have followed while working with over 15 sponsors for EntrepreneurOnFire.
Below is the “Industry Standard”. Always remember that YOU are the host of your show and should propose any arrangement you feel is best for you and your listeners. If the interested sponsor is not game… bye bye.
I only partner with sponsors who will add value to Fire Nation, and I never hesitate to turn away sponsors that do not have my listeners best interests at heart.
I have created many valuable relationships this way, and many of my current sponsors stay with EntrepreneurOnFire month after month because I strive to create a win-win in every partnership. I will share how and why in just a minute.
Industry Standard
The current “Industry Standard” podcast sponsorship is a combo 15-second Pre-Roll and a 60-second Mid-Roll.
Pre-Roll: Prior to launching into the main content, the host will talk about the sponsor’s product or service for 15-seconds. On EntrepreneurOnFire, our Pre-Rolls are right after the intro music. Click here to listen to a sample.
Mid-Roll: A lot more flexibility here. Typically inserted somewhere in the 40 – 70% mark of the podcast episode. The host will talk about the sponsor’s product or service for 60-seconds this time, often sharing a personal story if possible. On EntrepreneurOnFire, our Mid-Rolls are right before “The Lightning Round”, which puts them close to the 70% mark on most episodes. Click here to listen to a sample.
**Another opportunity for sponsorships is during the outro. EntrepreneurOnFire has experimented with this for the first time in Q4 2013 with great results. This is the last call to action your listeners will hear, and on EntrepreneurOnFire, it’s proving to be a call to action that is driving results.
So what exactly are these “Industry Standards” anyhow?
A 15-second Pre-Roll commands $18 per 1000 CPMs (listens).
A 60-second Mid-Roll commands $25 per 1000 CPMs (listens).
For ease of math purposes, let’s say your podcast averages 10,000 listens per episode.
18 x 10 (for the 10,000 listens) = $180 is the cost to the sponsor for a Pre-Roll.
25 x 10 (for the 10,000 listens) = $250 is the cost to the sponsor for a Mid-Roll.
Therefore, your 10,000 per episode podcast would cost a sponsor $430 for a Pre-Roll/Mid-Roll combo.
Let’s say you allow 2 sponsors per episode, now you are making $860 per episode.
4 episodes a month: $3,440
8 episodes a month: $6,880
30 episodes a month: $25,800 (now you can see why I love doing a daily show :-)
The above model is only the “industry standard”, and I have structured deals with both higher and lower CPMs; however, most of my deals are at this CPM rate.
A common question is, “How do I know what my ‘average’ listens are so I can determine my CPM rate?“
Great question! Look at the download numbers of your episodes starting at 6 weeks out. Remember, you’re guaranteeing a MINIMUM number of listens, so you need to be confident that you are fulfilling your end of the contract.
Once you see that EVERY episode is over a certain number of downloads by week 6, that is your CPM. You can adjust this as often as monthly (I adjust quarterly).
To be clear, sponsors only care about how many downloads you are guaranteeing for the specific episode they are sponsoring. Go to your stats, look at the downloads you have PER EPISODE, and use that information to find your CPM rate.
Pricing Model: CPM vs CPA
There are 3 routes you can take with your sponsors:
Cost per mille (CPM): Cost per thousand views (listens in the Podcast world).
Cost per Acquisition (CPA): Cost to acquire 1 customer.
You name the price, sponsors say yes or no. (This model is underrated for newer shows, and I like it… Remember, this is YOUR show!)
Cost per mille (CPM)
This is the only way I deal with sponsors. If a sponsor wants to partner with EntrepreneurOnFire, I will send them a proposal (example template at the end of this article), and they can accept, reject, or negotiate.
Negotiating has not been a great option for interested sponsors of EntrepreneurOnFire, as we receive way more inquiries (demand) then we could ever accept (supply).
My Q4 sponsorship inventory was 100% sold out by September because my current sponsors accepted my proposal when I sent it, which was based off the current industry standards. Those who tried to negotiate missed out on reaching EntrepreneurOnFire’s massive audience with their message.
Cost per Acquisition (CPA)
One of the first ways I started monetizing with EntrepreneurOnFire was by using this model.
In Podcasters’ Paradise I have a great video tutorial that walks you through the entire process of setting up a partnership with Audible, where you will get paid $15 for every person you send to their sales page that results in a sign up for a free audio book and free 30-day membership.
There were a couple months in a row where I generated between $2-3k per month using this model, and I was making Audible very happy. For those of you that have heard me say “EOFireBook.com”, that was its original use.
In the Podcasters’ Paradise tutorial, I delve into why it was so strategic to use that domain as a forwarding domain instead of the link Audible provides.
This strategy has allowed me to stay in control of my evergreen content, and now I use its power for my current sponsor, Audiobooks.
So why not bring more sponsors on?
Valid question! I will say once again: Your podcast is your show, and therefore it’s your decision. However, my opinion on this matter is as follows:
I am a believer in the law of diminishing returns. In this case, I believe having 3 or more Pre-Roll and Mid-Roll sponsors is bad for everyone involved.
It’s bad for the sponsor, as their message is getting diminished, less listener action is being taken, and therefore, it is less likely that the sponsor will stay with you when it comes time to talk extension.
It’s bad for the listener. Your listener loves listening to podcasts because it’s free, it’s on demand, and they don’t have to put up with annoying commercials on the radio. Podcast sponsorships work so well because it is YOU, the host, that is promoting the product or service, and your listeners trust you.
That trust will deteriorate if you make it seem more about the sponsorships than the listener. My listeners understand that after 30 seconds of me sharing two 15-second sponsorship slots, we will dive into the content. 30-seconds is not too much to ask, especially when my sponsors are all relevant to Entrepreneurs.
Finally, it’s bad for the host… you! Why? Your goal is to provide so much value and high-quality content that your listeners not only keep coming back for more, but they tell their friends and family about it. Your goal is to provide great content, increase your listener base, and by default, increase the amount each sponsor pays you per sponsorship.
The math is simple. It’s better to have 2 sponsors paying you $430 per episode than 3 paying you $287 for all the reasons above and every other obvious one.
I will never have more than 2 Pre-Rolls and 2 Mid-Rolls on EntrepreneurOnFire because I care about Fire Nation, and this mentality generated over $40k in sponsorship revenue in November of 2013.
I will only partner with sponsors that I believe benefit Fire Nation in their Entrepreneurial journey.
Don’t believe me? Quick story:
I was approached by a Pay-Day Loan company that offered me double my going rate to sponsor EntrepreneurOnFire. I do not believe in Pay-Day loans for many reasons – especially as a recommendation for Fire Nation – so my answer was simple: No.
Saying yes would have generated $18k MORE in sponsorship revenue for Q4. Not even close to worth it… no dollar amount would be.
Show the same care for your audience, and you will be better serving yourself, your sponsor, and most importantly, your listener.
When should I bring on sponsors?
My first recommendation to each podcaster that is interested in going the sponsorship route is to sit down. Sit down and think. Sit down and think about the LEAST amount of money it would take for you to dilute your podcast with a sponsorship.
Did I just say dilute? Yep… and I meant it.
Dilute is not meant as a dirty word here. It is meant as a reality. When you bring on a sponsor, no matter how relevant, and no matter how awesome, you are on some level diluting the message of your podcast.
You’re going to turn off some listeners, (although very few if you do it right), you’re going to be sending some listeners away on actions that do not involve your platform, and you will be distracting some focus from the main content of your podcast.
Are any of these things bad? No. But I bring them up because they should come with a minimum price tag. Sit down and come up with that baseline price tag. Your listeners are valuable, don’t sell them out as otherwise.
For me, $500 was my baseline number. I said to myself that if EntrepreneurOnFire could bring in $500 per episode, that would be $15k per month at 100% capacity… and that made sense. Anything less – nope, not ready yet.
In April, I hit that magic number, and my sponsorship revenue has been growing ever since!
What is your number?
If you know your number, you will be in a MUCH better position come negotiation time with your sponsors.
How do I find sponsors?
Within Podcasters’ Paradise, I have some great video tutorials on how to find the perfect sponsors, how to email them, and how to lock in the best possible rate for your show.
For purposes of this post, I will share some of those great tips with you now.
What is your niche?
What companies currently market to your niche? Is your Podcast about raising children? I am sure Babies “R” Us would love to offer value to your audience. Fishing? L.L. Bean and Cabelas are already lining up!
Listen to other podcasts in your niche. Do they have sponsors? If so, a well-crafted email to that sponsor could yield a partnership. It has for me on numerous occasions.
You see guys, the secret is out! Podcast hosts have a captive audience. We have engaged listeners. We have followers that know, like, and trust us, and when we put our stamp of approval on a product or service, then that means a lot to our listeners, and sponsors know it!
Think of the podcasts that you listen to regularly. Don’t you feel a closer connection to the hosts than you do to the author of a blog, or some unknown voice on a radio ad?
How should I approach sponsors?
I have linked to a well-crafted email template to the end of this post that I have used to successfully approach many sponsors. Enjoy!
I have interested sponsors, now what?
Now it’s time for you to decide what your number is. As discussed above, you should have a minimum. If your downloads don’t command that minimum right now, then that is fine.
Let your sponsors know what your download numbers are and what it will cost for them to sponsor an episode. They can take it or leave it, and you will be better off for it whatever decision they make because you stuck to your guns.
At some point, your download numbers may be able to be inserted into the above “Industry Standard” CPM rate and command a higher price than your minimum baseline number. At that point, it’s time to go back to the negotiating table with your sponsor, and start increasing the amount you receive per episode.
Summation of Sponsorships
Fire Nation, I would like to end this post by saying this:
Building an audience is an incredible way to create a viable business. Podcasting is an incredible way to build an audience and is the model we chose to follow here at EntrepreneurOnFire.
Everything I shared here today is to help you turn your podcast or business into a viable one, and I hope you are able to take some of the information provided to create your own freedom.
If you know that podcasting is for you, then we have an amazing community in Podcasters’ Paradise that is all about you.
The 100% focus is on helping you create, grow, and monetize your podcast via the following:
We have over 200 video tutorials with more being added every day.
There is a vibrant community forum that is buzzing with over 1200 incredible podcasters who are building powerful relationships, honing their interview skills, finding guests for their shows, finding shows to be guests on, and connecting with like-minded podcasters to form accountability partnerships and much, much more.
Every month I hold a powerful LIVE webinar with a top podcaster, where we share everything that is working for them and why. Pat Flynn of Smart Passive Income was our first guest… Amy Porterfield of Online Marketing Made Easy was our second.
Podcasters’ Paradise has turned into an incredible place to take your podcast to new heights, and we welcome the beginner, intermediate, and expert podcaster alike, as there is a boat load of content for each.
Until next time Fire Nation…
Prepare to IGNITE!
Templates
Email template of How to approach a sponsor for the first time
EntrepreneurOnFire’s Price Chart
Email template of Sponsorship Proposal
Excel spreadsheet template of Dates and Dollars sponsorship proposal
Email template for guests: Your interview is live
Whew! Overall Summation
That section about sponsorships was a doozy am I right?
If you made it this far in one sitting…congratulations…you are an amazing human being. If it took you a few sittings to get through The Ultimate Guide to Podcasting…no worries, you are still a human being :-)
So there you have it:
The Ultimate Guide to Podcasting